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Foxconn Technology Group isn't satisfied with just making iPhones, and plans to break into the information security market through an upcoming joint venture.

On Thursday, the Taiwanese manufacturing giant announced it would set up in May a joint venture with Korea's SK C&C, an IT services provider, to develop information security systems for the Chinese market.

The venture will be based at one of Foxconn's factories in China, where it has hired over a million workers to assemble electronics for vendors that include Apple, Microsoft and Sony.

Electronics manufacturing has long been the core business of the company. Business from Apple is estimated to contribute 40 to 50 percent of Foxconn's revenue.

Foxconn, however, wants to move beyond contract manufacturing, and target new opportunities emerging in the tech industry.

Last June, company CEO Terry Gou said it would expand into cloud computing, networking technologies, in addition to robots and electric cars.

Earlier this week, Foxconn struck another partnership with Chinese Internet giant Tencent to develop Internet-connected electric vehicles. Gou said he hopes to make cars priced lower than US$15,000.

Thursday's deal with SK C&C will also involve the two companies working together on healthcare, finance and improving manufacturing processes, Foxconn said in a statement.

SK C&C already provides IT services in a wide-range of sectors, including telecommunication, finance, energy and logistics among others. In June, Foxconn bought a 4.9 percent stake in the Korean company for about $370 million.

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